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A single member llc operating under an irrevocable trust…

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A single member llc operating...
A single member llc operating under an irrevocable trust which states that after the death of the creator the property of the llc must be divided equally to the three children. The llc sold the property . Who reports the sale ? The trust or the llc? Does the llc becomes automatic multi member llc ? And do we get a new EIN ? What entity gets the step up basis?
Submitted: 2 years ago.Category: Business Law
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1/31/2016
Business Lawyer: Richard, Attorney replied 2 years ago
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 56,902
Experience: 32 years of experience practicing law and a businessman.
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Good morning. My name is ***** ***** I look forward to helping you.

Can you provide me a bit more information? Did this sale of the property by the LLC occur after the death of the single member? Was this a revocable living trust that became irrevocable upon the death of the single member? Or, was it set up as an irrevocable trust while the single member was alive? The property was owned by the LLC when it was sold, correct? Thanks.

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